Income Tax Regulations 1936 (Repealed)

PART 8 - REBATE FOR LOW INCOME AGED PERSONS AND PENSIONERS AND REBATE IN RESPECT OF CERTAIN BENEFITS

Division 1A - Rebate under sections 160AAAA and 160AAAB of the Act

REGULATION 150AD

150AD REBATE FOR LOW INCOME AGED PERSONS AND PENSIONERS
Subject to regulations 150AE and 150AF , a taxpayer who, under section 160AAAA or 160AAAB of the Act, is eligible, in a year of income, for a rebate of tax is entitled, in respect of income, or trust income, of the year of income, to a rebate of tax amounting to:

(a) if the relevant income-recipient ' s rebate income of the year of income does not exceed his or her rebate threshold - the taxpayer ' s rebate amount; or

(b) if the relevant income-recipient ' s rebate income of the year of income exceeds his or her rebate threshold - the taxpayer ' s rebate amount, reduced by 12.5 cents for each $1 of the amount of the excess.

View history note

History

Reg 150AD amended by SLI No 39 of 2015, reg 4 and Sch 1 item 20, by substituting para (b) and (c) for para (a) and (b), effective 1 July 2015. Para (b) and (c) formerly read:

(a) (Repealed by SLI No 91 of 2012)

(b) for a year of income ending after 30 June 1997 and before 1 July 2009:

(i) if the relevant income-recipient ' s taxable income of the year of income does not exceed his or her rebate threshold - the taxpayer ' s rebate amount; or

(ii) if the relevant income-recipient ' s taxable income of the year of income exceeds his or her rebate threshold - the taxpayer ' s rebate amount, reduced by 12.5 cents for each $1 of the amount of the excess; and

(c) for a later year of income:

(i) if the relevant income-recipient ' s rebate income of the year of income does not exceed his or her rebate threshold - the taxpayer ' s rebate amount; or

(ii) if the relevant income-recipient ' s rebate income of the year of income exceeds his or her rebate threshold - the taxpayer ' s rebate amount, reduced by 12.5 cents for each $1 of the amount of the excess.

Reg 150AD amended by SLI No 91 of 2012, reg 3 and Sch 1 item 9, by repealing para (a), effective 1 July 2012. Para (a) formerly read:

(a) for the year of income ending on 30 June 1997:

(i) if the relevant income-recipient ' s taxable income of the year of income does not exceed his or her rebate threshold - half the taxpayer ' s rebate amount; or

(ii) if the relevant income-recipient ' s taxable income of the year of income exceeds his or her rebate threshold - half the taxpayer ' s rebate amount as reduced by 12.5 cents for each $1 of the amount of the excess; and

Reg 150AD amended by SLI No 156 of 2009, reg 4 and Sch 2 items 2 to 4, by substituting " for a year of income ending after 30 June 1997 and before 1 July 2009: " for " for a later year of income: " in para (b), substituting " the excess; and " for " the excess. " in para (b)(ii) and inserting para (c), effective 1 July 2009.

Reg 150AD inserted by SR No 148 of 1997.

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